Question 1

An account has three parts to it; a title, an increase side, and a decrease side.

Accepted Answer

A) True 
 B)False

Question 2

McMann Company has a condensed income statement as shown::  Using horizontal analysis, calculate the amount and percent change for Sales. Round to one decimal place.

Accepted Answer

A)   (17,000) , (11.3%) 
B)   (15,500) , (10.3%) 
C)   ($18,000) , (10.9%) 
D)   ($15,500) , (9.4%)

Question 3

Which of the following errors would cause the trial balance totals to be unequal?

Accepted Answer

A)   A transaction was not posted.
B)   A payment of $67 for insurance was posted as a debit of $76 to Prepaid Insurance and a credit of $76 to Cash.
C)   A payment of $4,450 to a creditor was posted as a debit of $4,500 to Accounts Payable and a credit of $450 to Accounts Receivable.
D)   Cash received from customers on account was posted as a debit of $720 to Cash and a credit of $720 to Accounts Payable.

Question 4

Discuss and describe how errors in accounts can be found.

Accepted Answer

1) through audit pro...

Question 5

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.  Prepare a trial balance. The total of the debits is

Accepted Answer

A)   $13,900
B)   $11,200
C)   $12,700
D)   $ 9,700

Question 6

What is the best explanation for this journal entry?

Accepted Answer

A)   Purchased supplies with cash.
B)   Returned supplies previously purchased.
C)   Purchased supplies on account.
D)   Paid accounts payable.

Question 7

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Accepted Answer

A)   ledger
B)   trial balance
C)   account
D)   balance sheet

Question 8

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Accepted Answer

A) True 
 B)False

Question 9

All of the following accounts are increased with a debit except

Accepted Answer

A)   Unearned Revenues
B)   Land
C)   Accounts Receivable
D)   Cash

Question 10

Which of the following entries records the payment of an account payable?

Accepted Answer

A)   debit Cash; credit Accounts Payable
B)   debit Accounts Receivable; credit Cash
C)   debit Cash; credit Supplies Expense
D)   debit Accounts Payable; credit Cash D

Question 11

Normal balances appear on the side that increases the account balance.

Accepted Answer

A) True 
 B)False

Question 12

The chart of accounts is designed to

Accepted Answer

A)   alphabetize the accounts to make reading easier for its financial statement users
B)   analyze the accounts and organize them in order of dollar amount to simplify the accounting information for users
C)   summarize the transactions and determine their ending balances
D)   meet the information needs of a company and other financial statement users

Question 13

Which of the following entries records the receipt of cash from patients on account?

Accepted Answer

A)   Accounts Payable, debit; Fees Earned, credit
B)   Accounts Receivable, debit; Fees Earned, credit
C)   Accounts Receivable, debit; Cash, credit
D)   Cash, debit; Accounts Receivable, credit

Question 14

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

Accepted Answer

A) True 
 B)False

Question 15

On January 1, 2011, Cary Parsons established Cary's Catering Service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

Accepted Answer

The answer of On January 1, 2011, Cary Parsons established...

Question 16

Accounts are records of increases and decreases in individual financial statement items.

Accepted Answer

A) True 
 B)False  True

Question 17

Revenues are equal to the difference between cash receipts and cash payments.

Accepted Answer

A) True 
 B)False

Question 18

A debit signifies a decrease in

Accepted Answer

A)   assets
B)   expenses
C)   dividends
D)   revenues

Question 19

A credit balance in which of the following accounts would indicate a likely error?

Accepted Answer

A)   Fees Earned
B)   Salary Expense
C)   Retained Earnings
D)   Accounts Payable

Question 20

On October 30th, JumpStart paid its only stockholder, Damien Lawson, a $3,300 cash dividend. Journalize this event.

Accepted Answer

The answer of On October 30th, JumpStart paid its only...

Exam 2: Analyzing Transactions

An account has three parts to it; a title, an increase side, and a decrease side.

Correct Answer
verified

McMann Company has a condensed income statement as shown:: Using horizontal analysis, calculate the amount and percent change for Sales. Round to one decimal place.

Correct Answer
verified

Which of the following errors would cause the trial balance totals to be unequal?

Correct Answer
verified

Discuss and describe how errors in accounts can be found.

Correct Answer
verified
1) through audit pro...
View Answer

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the debits is

Correct Answer
verified

What is the best explanation for this journal entry?

Correct Answer
verified

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Correct Answer
verified

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Correct Answer
verified

All of the following accounts are increased with a debit except

Correct Answer
verified

Which of the following entries records the payment of an account payable?

Correct Answer
verified
D

Normal balances appear on the side that increases the account balance.

Correct Answer
verified

The chart of accounts is designed to

Correct Answer
verified

Which of the following entries records the receipt of cash from patients on account?

Correct Answer
verified

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

Correct Answer
verified

Correct Answer
verified

Accounts are records of increases and decreases in individual financial statement items.

Correct Answer
verified
True

Revenues are equal to the difference between cash receipts and cash payments.

Correct Answer
verified

A debit signifies a decrease in

Correct Answer
verified

A credit balance in which of the following accounts would indicate a likely error?

Correct Answer
verified

On October 30th, JumpStart paid its only stockholder, Damien Lawson, a $3,300 cash dividend. Journalize this event.

Correct Answer
verified
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Exam 2: Analyzing Transactions

An account has three parts to it; a title, an increase side, and a decrease side.

Correct AnswerverifiedShow Answer

McMann Company has a condensed income statement as shown:: Using horizontal analysis, calculate the amount and percent change for Sales. Round to one decimal place.

Correct AnswerverifiedShow Answer

Which of the following errors would cause the trial balance totals to be unequal?

Correct AnswerverifiedShow Answer

Discuss and describe how errors in accounts can be found.

Correct Answerverified1) through audit pro...View AnswerShow Answer

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the debits is

Correct AnswerverifiedShow Answer

What is the best explanation for this journal entry?

Correct AnswerverifiedShow Answer

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Correct AnswerverifiedShow Answer

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Correct AnswerverifiedShow Answer

All of the following accounts are increased with a debit except

Correct AnswerverifiedShow Answer

Which of the following entries records the payment of an account payable?

Correct AnswerverifiedD

Normal balances appear on the side that increases the account balance.

Correct AnswerverifiedShow Answer

The chart of accounts is designed to

Correct AnswerverifiedShow Answer

Which of the following entries records the receipt of cash from patients on account?

Correct AnswerverifiedShow Answer

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Accounts are records of increases and decreases in individual financial statement items.

Correct AnswerverifiedTrue

Revenues are equal to the difference between cash receipts and cash payments.

Correct AnswerverifiedShow Answer

A debit signifies a decrease in

Correct AnswerverifiedShow Answer

A credit balance in which of the following accounts would indicate a likely error?

Correct AnswerverifiedShow Answer

On October 30th, JumpStart paid its only stockholder, Damien Lawson, a $3,300 cash dividend. Journalize this event.

Correct Answerverified11ea8de9_2d13_ccdb_b636_9dee2bd68049_TB2083_00

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1) through audit pro...
View Answer

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D

Correct Answer
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True

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